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Dec 10, 2012
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former reagan white house counsel, financial crisis inquiry commission member peter wallace will join me here in just moments. let's take a look at tonight's "moneyline." the dow and &p managing gains. the nasdaq weighed down by another bad day for apple and its investors. the dow up 81 points. s&p up four, the nasdaq fell leaven. just over 3 billion shares traded on the big board today. the dow up 1%, s&p ligly higher making three straight weeks of wins. the nasdaq down 1% for its first losing week of the past three. apple investors are having a rough time with the dow down. the stockdown 9 percent this week. but even with that selling, the stock remai up 30% year-to-date. wall street analts say much of the selling can be explained by investors looking to avoid possibly having to pay gains on the sale of that stock at a higher rate next year. others simply taking profits. financial stocks strong. today j.p. morgan chase led the weight. news that it is expanding the numbers of its branch offices. research shows consumers have to walk into an office to do there banking. he knew that? b
former reagan white house counsel, financial crisis inquiry commission member peter wallace will join me here in just moments. let's take a look at tonight's "moneyline." the dow and &p managing gains. the nasdaq weighed down by another bad day for apple and its investors. the dow up 81 points. s&p up four, the nasdaq fell leaven. just over 3 billion shares traded on the big board today. the dow up 1%, s&p ligly higher making three straight weeks of wins. the nasdaq down...
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joining us now from washington d.c., peter wallace, former reagan white house counsel, former member of the financial crisis inquiry commission. a senior fellow at the american enterprise institute. good to have you here. you believe there going or the cliff. >> i think their is a real danger of this. one can see a path for obaaa that does not look so terrible if we do go over the cliff. all of the taxes go up, but the democrats have an opportunity to introduce legislation to reduce the taxes for 98 percent of the people leaving the wealthier people, i guess you could call them wealthy, the top two percentage to stay at the high rates. it is possible to do this. lou: it is posible, but i have to ask you, surely the republicans have to understand and had understand six months ago what what transpired in this lame duck session of congress? what this president oud press forward to. the fiscal cliff, the result of sequestration and agreements between the two paries, capitol hill and the white house. why would they not have thought out a position here? >> you know, one of the things that
joining us now from washington d.c., peter wallace, former reagan white house counsel, former member of the financial crisis inquiry commission. a senior fellow at the american enterprise institute. good to have you here. you believe there going or the cliff. >> i think their is a real danger of this. one can see a path for obaaa that does not look so terrible if we do go over the cliff. all of the taxes go up, but the democrats have an opportunity to introduce legislation to reduce the...
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Dec 25, 2012
12/12
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peter wallace and was a young whippersnapper in the treasury. surely president reagan would finish the job getting the government completely out of the mortgage business. there was even a perfect pretext. fannie mae was losing money at that time, $1 million a day because of the double-digit interest rates imposed by the fed to fight inflation so the white house might have used that crisis as a pretext to put fannie mae to sleep but it wasn't seen as the right time. the economy was wobbly, nobody wanted to upset the housing market. instead of putting any to sleep the reagan administration and congress gave it a tax break and helped it survive. by the 1980s fannie mae was making boat loads of money again and it was so profitable was almost embarrassing. now lessee of was a savvy fellow named david maxwell from philadelphia. maxwell knew that there was a fundamental choice to be made. a right wing would always push to abolish fannie mae because it was a form of socialism. the left wing would always be pressuring any and freddie to earn their keep b
peter wallace and was a young whippersnapper in the treasury. surely president reagan would finish the job getting the government completely out of the mortgage business. there was even a perfect pretext. fannie mae was losing money at that time, $1 million a day because of the double-digit interest rates imposed by the fed to fight inflation so the white house might have used that crisis as a pretext to put fannie mae to sleep but it wasn't seen as the right time. the economy was wobbly,...
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Dec 1, 2012
12/12
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unfortunately as peter wallace has pointed out, our largest financial institutions are like government sponsored enterprises. they benefit from the belief that government will bail out their debt holders. shareholders may like high risk that's particularly high leverage because they get the high returns from those high risks at least until something goes wrong. by contrast, debtholders have traditionally been a force for moderation in the marketplace because they only get a fixed rate of interest whatever the debt obligation promises and when the company starts to take more risk they are disadvantaged but implicit government backing of the death of our largest financial institutions mean that this market discipline has suddenly been undermined so today i want to talk about my new book "why some firms thrive while others fail" and as mark noted this builds on my work at the financial crisis inquiry commission. we studied internal documents. i can't tell you how many, from financial institutions and the regulators and risk officers, bankers, traders, regulators, policymakers and other pe
unfortunately as peter wallace has pointed out, our largest financial institutions are like government sponsored enterprises. they benefit from the belief that government will bail out their debt holders. shareholders may like high risk that's particularly high leverage because they get the high returns from those high risks at least until something goes wrong. by contrast, debtholders have traditionally been a force for moderation in the marketplace because they only get a fixed rate of...
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Dec 2, 2012
12/12
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thank you, peter. jamie? >> jamie: well, you will also want -- we're going to talk, actually, to chris wallace and get a preview about that interview. hard to believe he has both tim geithner and john boehner. from the looks of it, john boehner does seem to be flabbergasted. we'll get to that shortly. >> eric: that is on "fox news sunday." later today, exclusive interview with speaker boehner. sunday at 2:00 p.m. and 6:00 p.m. right here on the fox news channel. >> jamie: well, there is a push by the senate republican leader mitch mcconnell as well to put medicare and social security on the table to try and the budget crisis we're talking about. mcconnell telling the "wall street journal" that those are the kind of things that would get republicans interested in new revenue. maybe bipartisan. john fund, a columnist for the "national review magazine." good morning. >> good morning. >> jamie: great to have you here this morning. >> thanks. >> jamie: we have less than a month left as we have been talking about w
thank you, peter. jamie? >> jamie: well, you will also want -- we're going to talk, actually, to chris wallace and get a preview about that interview. hard to believe he has both tim geithner and john boehner. from the looks of it, john boehner does seem to be flabbergasted. we'll get to that shortly. >> eric: that is on "fox news sunday." later today, exclusive interview with speaker boehner. sunday at 2:00 p.m. and 6:00 p.m. right here on the fox news channel. >>...
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Dec 30, 2012
12/12
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i think peter and i would argue that there are moments and pivot points where there can be a wallace that can make that convention moment where there can be a candidate that does this. >> host: which could turn. >> host: >> guest: which could turn again and it turned in the past. that was his first question. >> host: i'm supposed to interview you. you know i think there's a big difference between someone like deb's and emma goldman and especially communists in power, when emma goldman goes to the soviet union and in 1920, 211th supported in 19. they were being one -- rounded up and killed and quite rightly it's radical system even though it was a system that did industrialize the country with a tremendous cost. so, i comment it as an anti-communist leftists, someone who thinks that stalin was a horrible mass murder and one of the worst in history and yet at the same time i agree with both of you that the united states is hardly blameless and did a lot to exacerbate that rivalry and hostility. we have to take a break in a second but when we return, i would like to sort it move forward
i think peter and i would argue that there are moments and pivot points where there can be a wallace that can make that convention moment where there can be a candidate that does this. >> host: which could turn. >> host: >> guest: which could turn again and it turned in the past. that was his first question. >> host: i'm supposed to interview you. you know i think there's a big difference between someone like deb's and emma goldman and especially communists in power,...
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Dec 2, 2012
12/12
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peter doocy live in washington with more. peter, tell us first, speaker boehner -- the big problem right now with the white house proposal that was just presented. >> jamie, speaker boehner says he was flabbergasted when the treasury secretary geithner came to capitol hill and told him what the president wants. and this is why. >> the president is asking for $1.6 trillion worth of new revenue in ten years. twice as much as he has been asking for in public. he had stimulus spending in here that exceeded the amount of new cuts he was willing to consider. it was not a serious offer. >> reporter: secretary geithner says the white house $4 trillion plan has 2 to 1 ratio of cuts to spending increases. but everything we heard from speaker boehner suggests the $1.6 trillion in new revenue the white house wants is too much. especially since boehner does not want to increase tax rate at all. he wants the revenue from the closed loopholes and limited deduction. >> put a new deal on the table but tim geithner, does he say specifically wh
peter doocy live in washington with more. peter, tell us first, speaker boehner -- the big problem right now with the white house proposal that was just presented. >> jamie, speaker boehner says he was flabbergasted when the treasury secretary geithner came to capitol hill and told him what the president wants. and this is why. >> the president is asking for $1.6 trillion worth of new revenue in ten years. twice as much as he has been asking for in public. he had stimulus spending...
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Dec 30, 2012
12/12
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. >> clayton: joining us now with reaction, the host of fox news sunday, chris wallace. he is up early, but congress is not. hey, chris, nice to see you. >> hey, guys. >> clayton: so, 3 p.m. today, we understand accord to go peter doocy and those in the washington bureau where you're sitting right now, papers were shuffled last night and back and forth, trying to hammer out financial deals. do you have any indication where this thing sits right now? >> no, and in fact, i talked to a top senate aide just a little while ago and he used the classic line, those who talk don't know. those who know aren't talking. >> clayton: right. >> so we really don't know and i'm the not sure at this point that they've made-- this idea of the 3 p.m. they come out with a deal, they may not reach a deal. it's possible that the republican leader mitch mcconnell and democrat leader harry reid may not make a compromise at which point harry reid says he'll put president obama's plan, $250,000 as a threshold for raising income tax rates and extending unemployment benefits and that's about it, put
. >> clayton: joining us now with reaction, the host of fox news sunday, chris wallace. he is up early, but congress is not. hey, chris, nice to see you. >> hey, guys. >> clayton: so, 3 p.m. today, we understand accord to go peter doocy and those in the washington bureau where you're sitting right now, papers were shuffled last night and back and forth, trying to hammer out financial deals. do you have any indication where this thing sits right now? >> no, and in fact, i...